Fast Food and Quick Service Restaurant Global Market Report 2024

The fast food and quick service restaurant market size has grown strongly in recent years. It will grow from $295.03 billion in 2023 to $316.11 billion in 2024 at a compound annual growth rate (CAGR) of 7.1%. The observed growth in the historic period for fast food and quick-service restaurants can be attributed to several factors. These include changing lifestyles and urbanization, which contribute to an increased demand for convenient and quick dining options. Additionally, rising disposable income allows consumers to spend more on dining out. Globalization and cultural exchange have led to the introduction of diverse cuisines and menu offerings, catering to varied consumer preferences. Innovations in menu offerings, along with strategic alliances and partnerships, have played a role in the expansion and success of fast food and quick-service restaurants during the historic period.

The fast food and quick service restaurant market size is expected to see strong growth in the next few years. It will grow to $412.53 billion in 2028 at a compound annual growth rate (CAGR) of 6.9%. The anticipated growth in the forecast period for fast food and quick-service restaurants can be attributed to several factors. These include an increasing emphasis on sustainability and ethical practices, reflecting a growing awareness and preference among consumers for socially responsible businesses. Health-conscious consumer preferences contribute to the demand for healthier menu options and transparent sourcing of ingredients. Economic factors, such as disposable income levels, continue to play a role in shaping consumer spending on dining out. Customization and personalization of offerings cater to individual tastes and preferences. Global expansion strategies allow fast food and quick-service restaurant chains to tap into new markets and diversify their customer base. Major trends in the forecast period include digital transformation initiatives, a heightened focus on health and wellness, sustainability initiatives, integration of technology in operational processes, and the rise of ghost kitchens to meet the demands of online and delivery services.

The rising trend of dining out and restaurant visits is expected to drive the growth of the fast-food and quick-service restaurant market. Restaurants, catering to various customer needs, offer quick and accessible food options, thereby amplifying the demand for fast-food and quick-service restaurants. For instance, based on data from the International Conference on Financial Innovation and Economic Development and the American Catering Association in 2022, statistics indicate that 90% of consumers prefer dining out, 44% have used restaurant apps or websites for takeout orders, and 22% prioritize restaurants with Internet services. These figures underscore the increasing consumer preference for quick dining solutions, influencing the surge in the fast-food and quick-service restaurant market.

The surge in travel and tourism is anticipated to further fuel the expansion of the fast-food and quick-service restaurant market. The growth of tourism involves an increase in leisure and business travel, emphasizing the need for convenient dining options. Fast-food and quick-service restaurants play a pivotal role in catering to travelers by offering convenient, familiar, affordable, and adaptable dining choices. According to the U.S. Department of Commerce's report in June 2022, the influx of international visitors to the U.S. surged to 22.1 million in 2021, signaling a heightened demand for accessible dining experiences. Consequently, this escalating demand for travel and tourism contributes significantly to the fast-food and quick-service restaurant market's growth.

Product innovation stands as a prominent trend shaping the fast-food and quick-service restaurant market. Leading companies in this sector are dedicated to crafting novel solutions to fortify their market positions. For instance, in April 2022, Toast, a U.S.-based cloud company, introduced Quick Service, a customizable platform tailored specifically for quick-service restaurants. Quick Service caters to the unique needs of casual, counter-service eateries, optimizing operational efficiency and profitability while enhancing the overall dining experience for guests. These innovative solutions are designed to boost revenue streams and elevate customer satisfaction levels for quick-service restaurants.

Major players in the fast-food and quick-service restaurant market are directing their attention towards cutting-edge technological solutions, notably adopting the Hardware-as-a-Service (HaaS) model to bolster revenue streams within their industry. HaaS is a subscription-based framework facilitating access to and maintenance of physical computing devices, enabling users to leverage hardware resources without an upfront capital investment. For instance, in July 2022, PAR Tech Inc., a leading U.S.-based provider of technology solutions for the hospitality sector, unveiled PAR Infinity. This innovative HaaS program is specifically designed to cater to the needs of the hotel industry, offering a subscription-based solution that alleviates the burden of hardware management for restaurants, retail outlets, convenience stores, and entertainment venues. PAR Infinity provides round-the-clock help desk support, comprehensive managed care services, field maintenance, and equipment replacement throughout the duration of the customer’s ownership. By leveraging PAR Infinity, companies can focus on delivering exceptional guest experiences while minimizing operational disruptions.

In December 2021, Restaurant Brands International Inc., a Canada-based fast-food conglomerate, completed the acquisition of Firehouse Restaurant Group Inc. for a sum of $1.0 billion. This strategic acquisition serves to expand RBI's portfolio of quick-service restaurant brands, which already includes renowned names such as Popeyes, Tim Hortons, and Burger King. Firehouse Restaurant Group Inc., based in the United States, operates a quick-service restaurant chain renowned for its offerings of sandwiches, salads, hot and cold subs, further diversifying the range of culinary offerings under RBI's umbrella.

Major companies operating in the fast food and quick service restaurant market report are McDonald's Corporation, Burger King Corporation, Carrols Restaurant Group Inc., Chipotle Mexican Grill Inc., Darden Concepts Inc., Del Taco Restaurants Inc., Jack in the Box Inc., Kotipizza Oyj, Ark Restaurant Corp., Restaurant Brands International Inc., Subway IP LLC, The Wendy’s Company, Yum Brands Inc., Quality Is Our Recipe LLC, Starbucks Corporation, Domino's Pizza Inc., Coffee Day Global Limited, DD IP Holder LLC, Dunkin' Brands Group Inc., Hunt Brothers Pizza, Jollibee Foods Corporation, Little Caesar Enterprises Inc., Papa John's International Inc., Pizza Hut, Arby's Restaurant Group Inc., Bojangles OpCo LLC., Boston Market Corporation, Cafe de Coral Holdings Limited, Captain Ds LLC., CKE Restaurants Holdings Inc., Checkers Drive-In Restaurants Inc., Church's Texas Chicken, Culver Franchising System LLC, International Dairy Queen Inc., El Pollo Loco Holdings Inc., Five Guys Enterprises LLC, Greggs plc, Hardee's Food Systems Inc., Jersey Mike's Franchise Systems Inc..

North America was the largest region in the fast food and quick service restaurant market in 2023. Asia-Pacific is expected to be the fastest-growing region in the fast food and quick service restaurant market report during the forecast period. The regions covered in the fast food and quick service restaurant market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the fast food and quick service restaurant market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The main categories for fast food and quick-service restaurants include chain and independent establishments. Chain restaurants are part of a network serving fast food with standardized offerings. The menu typically includes items such as burgers and sandwiches, pizzas and pasta, drinks and desserts, chicken and seafood, among others. These establishments provide services such as eat-in dining, takeaway, drive-through, and home delivery. They may offer a variety of cuisines, including American, Chinese, Italian, Mexican, Japanese, Turkish, Lebanese, and others.

The fast food and quick service restaurant market research report are one of a series of new reports that provides fast food and quick service restaurant market statistics, including fast food and quick service restaurant industry global market size, regional shares, competitors with fast food and quick service restaurant market share, detailed fast food and quick service restaurant market segments, market trends, and opportunities, and any further data you may need to thrive in the fast food and quick service restaurant industry. This fast food and quick service restaurant market research report deliver a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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